SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program.
Small businesses and non-profits with fewer than 20 employees and sole proprietors can apply for Second Draw PPP loans from February 24 through March 9, 2021. Please don’t hesitate to sign up for our PPP Application Clinic, if you need help applying for your PPP Loan.
ABOUT THE PROGRAM:
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
– If you did not receive a PPP loan during the last round of funding, then this is your last and final opportunity to receive a loan.
– If you DID receive a PPP loan, you may be eligible for a second PPP loan if your revenues dropped by 25% or more when compared quarter-over-quarter.
– 501(c)(6) organizations can now apply for funding.
– If you are a restaurant you can get an even bigger PPP loan during this round.
– Generally, the loans are forgivable if at least 60% of the proceeds go to payroll expenses.
This program is only available to businesses located in Massachusetts.